Kendall Capital Management Purchases New Shares in Cirrus Logic, Inc. $CRUS

Kendall Capital Management purchased a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 10,887 shares of the semiconductor company’s stock, valued at approximately $1,617,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Royal Bank of Canada increased its stake in Cirrus Logic by 92.3% in the first quarter. Royal Bank of Canada now owns 72,134 shares of the semiconductor company’s stock valued at $7,189,000 after purchasing an additional 34,629 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Cirrus Logic by 24.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,320 shares of the semiconductor company’s stock worth $132,000 after buying an additional 263 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Cirrus Logic by 4.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 214,457 shares of the semiconductor company’s stock worth $21,372,000 after buying an additional 9,658 shares during the period. Focus Partners Wealth purchased a new position in shares of Cirrus Logic during the first quarter worth about $361,000. Finally, Geneos Wealth Management Inc. grew its holdings in shares of Cirrus Logic by 95.1% during the first quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company’s stock worth $47,000 after buying an additional 232 shares during the last quarter. 87.96% of the stock is owned by hedge funds and other institutional investors.

Cirrus Logic Stock Down 1.3%

NASDAQ:CRUS opened at $115.33 on Friday. Cirrus Logic, Inc. has a fifty-two week low of $109.88 and a fifty-two week high of $180.42. The stock has a market cap of $5.78 billion, a PE ratio of 14.12 and a beta of 1.18. The firm’s fifty day simple moving average is $139.15 and its 200-day simple moving average is $148.35.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $1.84 EPS for the quarter, beating the consensus estimate of $1.81 by $0.03. The firm had revenue of $459.72 million during the quarter, compared to analysts’ expectations of $460.32 million. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The business’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter last year, the business earned $1.51 earnings per share. Equities analysts anticipate that Cirrus Logic, Inc. will post 7.47 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have commented on the company. Jefferies Financial Group raised Cirrus Logic to a “buy” rating in a research note on Thursday, June 4th. Wall Street Zen downgraded Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. KeyCorp dropped their target price on Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating on the stock in a report on Thursday, August 6th. Barclays cut their price target on Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating for the company in a research note on Thursday, August 6th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Five research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $150.71.

Insider Buying and Selling at Cirrus Logic

In other Cirrus Logic news, EVP Andrew Brannan sold 6,464 shares of the stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $144.71, for a total value of $935,405.44. Following the completion of the transaction, the executive vice president directly owned 7,203 shares of the company’s stock, valued at approximately $1,042,346.13. This trade represents a 47.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jeffrey W. Baumgartner sold 3,907 shares of Cirrus Logic stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $168.54, for a total transaction of $658,485.78. Following the sale, the executive vice president owned 17,575 shares of the company’s stock, valued at approximately $2,962,090.50. The trade was a 18.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 15,465 shares of company stock valued at $2,399,169. Corporate insiders own 1.20% of the company’s stock.

About Cirrus Logic

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.